GALLEGO INTRODUCES BILL TO PROTECT FED INDEPENDENCE, PREVENT DUAL APPOINTMENTS

The following information was released by the office of Arizona Senator Ruben Gallego:

Bill comes the day after the Senate confirmed Stephen Miran to the Federal Reserve, despite his refusal to give up his White House position

WASHINGTON Today, Senator Ruben Gallego (D-AZ) introduced the Fed Integrity and Independence Act to prohibit members of the Federal Reserve from holding multiple positions appointed by the President. The bill is cosponsored by fellow Banking, Housing, and Urban Affairs Committee Democrats Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Andy Kim (D-NJ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-MD).

"An independent Fed that is not subject to the whims of politics is the cornerstone of our nation's monetary policy. To jeopardize that puts our economy Americans' ability to find a job, afford a home, or pay off their credit cards at risk,"said Senator Gallego."Mr. Miran has been given every opportunity to do the right thing and resign from his position at the White House and has refused. This bill would require him to do so."

During committee testimony, now-Federal Reserve Board Member Stephen Miran repeatedly refused to say that he would resign from his position as Chair of the President's Council of Economic Advisers should he be appointed to the Fed stating that he, "received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers."

TheFed Integrity and Independent Actwould prohibit Federal Reserve Bank Presidents, Vice Presidents, Officers and Employees, Board of Director Members, and Board of Governors Members from holding other positions appointed by the President, including under a leave of absence whether paid or unpaid.